All Forum Posts by: Mark Kurian

Congratulations! I actually live in Clifton as well. You can raise the rent to market rent as you want. Its not rent controlled in a 2 family home. The other side is with the moratorium, you can't do much so asking nicely and doing cash for keys is a good bet. 

It's a weird situation, if possible, I'd love to shoot you a call and discuss what type of things might make sense.

Hi All,

I'm currently buying a property for about 300k (putting down 25% with an interest rate of about 5.3%). It's a 2 family and both units are currently rented out below market (at about 1,100 and 1,500). The mortgage appraisal came back at $400k. I'm trying to decide what the best options to do are. I can either A) keep the house the way it is, and raise the rents on the current tenants, B) Flip the house the way it is. C) Update one unit at a time and continue to rent D) Update one unit at a time and flip.

I believe I can technically refinance after 6 months since it's already appraised for more. This would obviously raise my monthly mortgage, but as long as its covered I'm thinking I can have my initial 25% down payment back and look for another property using that. Does this make sense or am I getting myself confused?

@Dennis how would you know how much? I've heard that can go from a few-thousand-to almost 100k

I'm currently buying a home and they found an oil tank. Seller doesn't have the money to pay for removal so I offered to remove the tank before closing, with a clause that if there is contamination, I will be backing out. Now they are saying they don't want me to remove It because if there is contamination, they will be forced to remediate. At this point, I'm thinking of doing just a soil test, but I'm scared that if it shows there's no contamination, but when I actually remove it there is contamination, there's nothing I would be able to do. What's my best option? I think the house is a good deal and I don't want to just walk away from it.

Hi All,

Anyone have any pricing idea for removing Federal Pacific electric boxes and switching to 200amps? I have a 2 family and need to have this switched out (second question is must this be switched out to get a mortgage?)

Clifton

Average rents right now are about 1,500 to 1,800. downstairs 2 bedroom (plus sunroom which they're currently using for a bedroom) with garage and unfinished basement (used for storage) and they have access for both tenants to go downstairs to the basement to use washing machines if needed. Upstairs is 3 bedrooms (plus sunroom). Only issue is that it's 1 furnace, everything else is separated out. 

Hey guys,

I have a 2 family under contract for 329k in NJ. Most recent 2 families sold in the area have been ranging from high 400's to mid 500's. I'm trying to get an idea if I should hold and rent it out, or look into cleaning it up a little bit and flipping it? Any advice or know people who would be interested? 

Who did you go through for the lender for 4.75% on a multifamily investment? Best I'm getting currently is 5.6%